|Intermediate Term Municipal Composite (Net)||-0.94%||-0.94%||2.07%||1.64%||2.19%||3.89%||3.63%||4.73%|
|Intermediate Term Municipal Composite (Gross)||-0.84%||-0.84%||2.50%||2.08%||2.64%||4.42%||4.24%||5.47%|
|ICE BofA Merrill Lynch 3-15 Year Municipal Index||-1.16%||-1.16%||1.79%||1.87%||2.26%||4.18%||4.14%||—|
Performance data for the Intermediate Term Municipal Strategy is from the Intermediate Term Municipal Composite, inception date of November 1, 1991. The Intermediate Term Municipal Composite includes all non-wrap discretionary accounts invested in the Intermediate Term Municipal Strategy. Returns are calculated using a time-weighted and asset-weighted calculation. Returns reflect the reinvestment of income and capital gains. Returns are annualized for periods greater than one year. Individual account performance will vary. The performance data quoted represents past performance; it does not guarantee future results. Gross of fee returns are net of transaction costs. Net of fee returns are net of transaction costs and investment advisory fees. For periods prior to 2011, net returns for some accounts in the composite also reflect the deduction of administrative expenses. Thornburg Investment Management Inc.’s fee schedule is detailed in Part 2A of its ADV brochure. Performance results of the firm's clients will be reduced by the firm's management fees. For example, an account with a compounded annual total return of 10% would have increased by 159% over ten years. Assuming an annual management fee of .75%, this increase would be 142%.
The performance data quoted represents past performance; it does not guarantee future results.